calallen strip center - loopnet€¦ · calallen strip center 7.00% cap $2,189,000 price leaseable...
TRANSCRIPT
CORPUS CHRISTI, TX
A FOUR TENANT STRIP CENTER
CALALLEN STRIP CENTER
CALALLEN STRIP CENTER
7.00%CAP
$2,189,000PRICE
LEASEABLE SF6,250 SF
AVG INCOME$135,000+
LEASE TYPENN Roof & Structure
AVG LEASE TERM5.5 Years
PARKING42 Spaces
OCCUPANCY100%
14221 NORTHWEST BLVD, CORPUS CHRISTI, TX 78410
100% occupied four tenant strip center - shadow anchored by Starbucks
All four tenants have options to extend
Located on main retail corridor with traffic counts of 30,000+ VPD
Corpus Christi CSA population over 500,000
Average household income of $135k+ in a 1-mile radiusThis information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
2
Overview
THIS OFFERING consists of a Starbucks shadow anchored strip center located in Corpus Christi, Texas. The strip center has 4 internet resistant tenants - Jersey Mikes, Reserve Spa, Sports Clips, and Sabal Dentistry. The subject property is located part of a thriving retail sub-market with retailers including Walmart Supercenter and the Five Points Shopping Center, featuring stores such as Ross Dress for Less, Hobby Lobby, and CVS, among others. The subject property is is well positioned and enjoys a high visibility location along busy Northwest Boulevard which sees traffic counts of over 30,000 vehicles per day.
LOCATION OVERVIEW - Corpus Christi is one of the most prominent cities in South Texas, with a thriving economy, a major commerical port, and Naval Air Station. The subject property is located within the affluent Corpus Christi community of Calallen. Average household incomes are over $135,000 within a 1 mile radius of the property.
Contact the team
SPORTS CLIPS HAS OVER 1,600 LOCATIONS IN THE U.S. AND CANADA
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
RICK [email protected]: 415.274.2709CA DRE# 01792433
IN CONJUNCTION WITH TX LICENSED BROKER: Peter EllisPH: [email protected]
3
Investment Highlights
37
37
69E
69E
358
286
181
44
NORTHWEST
BOULEVARD
CORPUS CHRISTI
INTERNATIONAL AIRPORT
CHRISTUS SPOHN
HOSPITAL
CORPUS CHRISTI
MEDICAL CENTER
DEL MAR COLLEGE
CORPUS CHRISTI
MEDICAL CENTER
DRISCOLL CHILDREN’S
HOSPITALSCHOOLMIDDLE
SCHOOL
MIDDLE SCHOOL
HIGH SCHOOL
HIGH SCHOOL
GOLF COURSE
ELEMENTARY SCHOOL
ELEMENTARY SCHOOLMIDDLE SCHOOL
HIGH SCHOOL
ELEMENTARY SCHOOL
DOWNTOWN CORPUS CHRISTI
52,830 VPD
22,000 VPD
51,000 VPD
SAN ANTONIO
4This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Aerial
Dollar TreeO’Reilly Auto PartsAutoZoneDollar GeneralCricket WirelessFirestoneWalmart Supercenter
Popeye’s VerizonDenny’sHobby LobbyCVSRoss Dress for LessAT&T
SupercutsT-MobileWhataburgerWienerschnitzelWells Fargo Circle KMy Sister’s Closet
SURROUNDING RETAILERS
KEY 1-MILE 3-MILES 5-MILES
TOTAL 1-MILE 3-MILES 5-MILES
Businesses 222 505 982
Employees 2,661 5,393 10,227
Residential Population 4,399 15,284 38,967
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
5
Submarket Retail Business Summary
SUBJECT PROPERTY
Surrounding Retail
6
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
CURRENT PROPOSEDPrice: $2,189,000 $1,532,300Capitalization Rate: 7.00% 70%Price Per Square Foot: $350.24 5.00%Down Payment 30% $656,700 Amortization 25 YearLoan Amount 70% $1,532,300 Term 10 YearTotal Leased (SF): 100% 6,250 Net Operating Income $153,250
Total Vacant (SF): 0% 0 Debt Service ($107,492)Total Rentable Area (SF): 100% 6,250 Pre-Tax Cash Flow $45,758INCOME P/SF Debt Coverage Ratio 1.43Scheduled Rent $24.52 $153,250 Cash-on-cash Return 6.97%CAM Recoveries $2.51 $15,690 Principal Pay down (Year 1) $31,595Property Tax Recoveries $2.99 $18,674 Total Return $77,353Insurance Recoveries $1.09 $6,800 Yield 11.78%Trash, Electric & Sewer $1.68 $10,500Management $1.92 $12,000EFFECTIVE GROSS INCOME $216,914
EXPENSE P/SFProperty Taxes $2.99 $18,674Insurance $1.09 $6,800CAM $2.51 $15,690Trash, Electric & Sewer $1.68 $10,500Management Fee $1.92 $12,000TOTAL OPERATING EXPENSES ($10.19) ($63,664)
NET OPERATING INCOME $153,250
Proposed Loan Amount Loan To Value Interest Rate
PRO
POSE
D F
INA
NC
ING
/CA
SH F
LOW
7
Income & Expense
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
TENANT SQ. FT. % OF GLA MONTHLY RENT ANNUAL RENT RENT/FTJersey Mikes 1,500 24.00% 10/25/17 10/24/22 $3,000 $36,000 $24.00
Option 1 10/25/22 10/24/27 $3,300 $39,600 $26.40
Option 2 10/25/27 10/24/32 $3,625 $43,500 $29.00
Option 3 10/25/32 10/24/37 $3,988 $47,850 $31.90
Reserve Spa 1,500 24.00% 01/13/18 01/12/25 $3,000 $36,000 $24.00Option 1 01/13/25 01/12/30 $3,450 $41,400 $27.60
Option 2 01/13/30 01/12/35
Sports Clips 1,250 20.00% 07/12/17 07/11/22 $2,604 $31,250 $25.00Option 1 07/12/22 07/11/27 $2,865 $34,375 $27.50
Option 2 07/12/27 07/11/32 $3,151 $37,813 $30.25Sabal Dentistry 2,000 32.00% 09/29/17 09/30/22 $4,167 $50,000 $25.00
09/29/22 09/30/27 $4,583 $55,000 $27.50
Option 1 09/29/27 09/30/32 $5,042 $60,500 $30.25
Option 2 09/29/32 09/30/37 $5,547 $66,560 $33.28
OCCUPIED 6,250 100.00% TOTAL CURRENT $12,771 $153,250 $24.52
VACANT 0 0.00%
CURRENT TOTALS 6,250 100.00%
LEASE TERMSTERM
TENANT INFO RENT SUMMARY
Greater of Market Rent or $31.63
8
Rent Roll
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Jersey Mike’s Subs opened in 1956, in a small shop in the seaside town of Point Pleasant, New Jersey. Offering a new addition to American cuisine, the sub sandwich, Mike built his business on his delicious subs and exceptional customer service. Longtime employee Peter Cancro bought the store in 1972 at the age of 17 and began to expand shortly thereafter. In 1987, Peter changed the restaurant’s name to Jersey Mike’s Subs and began to franchise. Today, there are over 1,500 locations of Jersey Mike’s Subs open and under development, all offering the same stellar customer service and quality ingredients. National Restaurant News ranked Jersey Mike’s as the top growing sandwich shop per growth in total U.S. units, growing at a rate of 13.14% in 2017.
JERSEY MIKE’S
Reserve Spa is a nail salon offering trendy, fashion-forward nail designs. Customers can choose from services such as gel manicures, pedicures, traditional manicures, and nail art. Nail salons have consistently remained a needed service, bringing in $8.53 billion into the U.S. economy in 2017. Salons thrive in their ability to accommodate clients with appointments as well as walk-ins.
RESERVE SPA
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Tenant Overview
9
LOCATIONS IN THE U.S. 1,500+
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Headquartered in Georgetown, Texas, Sports Clips, a privately owned company, operates over 1,600 locations in all 50 states and Canada. Sports Clips markets its “Guy-Wise” stylist and casual, male-oriented atmosphere to men and boys. Founded in 1993 and franchised two years later, the company has ranked among the top 50 fastest-growing franchisees in Entrepreneur magazines’ Franchise 500 for the past seven years.
SPORTS CLIPS RUDI CLIPS INC.
Sabal Dentistry is a full service general dentistry company with 8 locations across Texas. Their success has been driven by their philosophy of patient-focused approach, stress-free experience, gentle touch, caring atmosphere and lasting results. They offer personalized dental care to thousands of families with services including dental cleaning, cosmetic dentistry, whitening, orthodontics, Invisalign, fillings, veneers, and much more. They have state-of-the-art equipment ensuring that their patients are getting the latest techniques and tools.
SABAL DENTISTRY
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Tenant Overview
10
LOCATIONS IN U.S. AND CANADA 1,600+
42SPACES
6,250RENTABLE SF
NORTHWEST BOULEVARD
NO
RTH
WES
T B
OU
LEVA
RD DEN
TIST
NA
ILS
51,000 VPD
30,000 VPD
69E
69E
SCHOOL
HIGH SCHOOL CORPUS CHRISTI
MEDICAL CENTER
Site Plan
11This site plan is a rendering that has been created based on sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
TOP EMPLOYERS
EMPLOYER # OF EMPLOYEES
Naval Air Station-Corpus Christi 9,773
Corpus Christi ISD 5,178
CHRISTUS Spohn Health Systems 5,144
H.E.B. 5,000
Corpus Christi Army Depot 3,541
2018 HH INCOME
1-MILE 3-MILES 5-MILES
Average $135,736 $109,223 $84,931
CORPUS CHRISTI
THE AVERAGE HOUSEHOLD INCOME WITHIN A 1-MILE RADIUS
IS OVER $135K
12
SAN ANTONIO(143 MILES)
HOUSTON(208 MILES)
POPULATION
1-MILE 3-MILES 5-MILES
2010 3,957 14,501 36,649
2018 4,399 15,284 38,967
2022 4,682 15,827 40,441
This site plan is a rendering that has been created based on sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 12
Demographics
CORPUS CHRISTI is the county seat of Nueces County, located at the Gulf of Mexico in Southeast Texas. As the 8th largest city in Texas and the 4th largest port in the United States, this the city has become the main hub of the six county Corpus Christi-Kingsville-Alice combined statistical area. The Port of Corpus Christi handles approximately 8,000 cargo ships annually. The city is also home to the Corpus Christi International Airport connecting the metro to markets around the globe. Offshore, Padre and Mustang islands shelter area bays providing beautiful beaches and a thriving tourist industry. Corpus Christi offers popular tourist attractions, a variety of hotels, cultural venues, shopping and dining options and best of all — Southern Texas hospitality.
THE CORPUS CHRISTI ECONOMY is heavily reliant on the Naval Air Station Corpus Christi, which is the largest employer in the city, directly employing over 9,773 people and contributing over $3.62 billion to the Texas economy in 2017.
The economy is also supported by the Eagle Ford Shale Play, a hotspot for oil drilling,and the second most-productive oil basin in the country producing approximately 1.4 million barrels of oil per day (bopd).
CORPUS CHRISTI ECONOMY
458,000
CORPUS CHRISTI POPULATION (ESTIMATED)
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
CORPUS CHRISTI, TEXAS
13
Location Overview
INDIANAPOLIS, INDIANA
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
RICK [email protected]: 415.274.2709CA DRE# 01440360
Copyright © 2018 Capital Pacific Partners
IN CONJUNCTION WITH TX LICENSED BROKER: Peter EllisPH: [email protected]
CAPITALPACIFIC.COM
CAPITAL PACIFIC COLLABORATES. CLICK HERE TO MEET OUR SAN FRANCISCO TEAM:
JOE CACCAMOJOHN ANDREINI
ZANDY SMITH
DAVE LUCAS
RICK SANNER
CHRIS KOSTANECKIZEB RIPPLE CHRIS PETERS
JACK NAVARRAJUSTIN SHARP
JUSTIN STARK
We’d love to hearfrom you.
11-2-2015
TYPES OF REAL ESTATE LICENSE HOLDERS: A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker. A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.
A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): Put the interests of the client above all others, including the broker’s own interests; Inform the client of any material information about the property or transaction received by the broker; Answer the client’s questions and present any offer to or counter-offer from the client; and Treat all parties to a real estate transaction honestly and fairly.
A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:
AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner's agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent.
AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer's agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by the seller or seller’s agent.
AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary. A broker who acts as an intermediary:
Must treat all parties to the transaction impartially and fairly; May, with the parties' written consent, appoint a different license holder associated with the broker to each party (owner and
buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction. Must not, unless specifically authorized in writing to do so by the party, disclose:
ᴑ that the owner will accept a price less than the written asking price;ᴑ that the buyer/tenant will pay a price greater than the price submitted in a written offer; andᴑ any confidential information or any other information that a party specifically instructs the broker in writing not to
disclose, unless required to do so by law.
AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first.
TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: The broker’s duties and responsibilities to you, and your obligations under the representation agreement. Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.
LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.
Information About Brokerage Services Texas law requires all real estate license holders to give the following information about
brokerage services to prospective buyers, tenants, sellers and landlords.
.
Designated Broker of Firm License No. Email Phone
Licensed Supervisor of Sales Agent/Associate
License No. Email Phone
Licensed Broker /Broker Firm Name or Primary Assumed Business Name
License No. Email Phone
Regulated by the Texas Real Estate Commission Information available at www.trec.texas.gov
IABS 1-0
Date Buyer/Tenant/Seller/Landlord Initials
Sales Agent/Associate’s Name License No. Email Phone